Capital One Financial Corp. : Capital One's U.S. Delinquencies, Charge-Offs Rise in October
11/15/2012| 07:07am US/Eastern
By Saabira Chaudhuri
Capital One Financial Corp. (COF) said delinquencies and charge-offs at its U.S. credit-card business rose in October from the month before.
Capital One's 30-day delinquency rate for U.S. credit cards rose to 3.66% last month from 3.52% in September, according to a filing with the Securities and Exchange Commission.
At its international credit-card business, the rate edged down to 4.83% from 4.92% a month earlier.
Auto-loan delinquencies rose to 6.47% from 6.12%.
Charge-offs at the U.S. card business rose to 4.25% in October from 3.93% a month earlier. Internationally, the rate rose to 4.55% from 4.45% a month earlier. Auto financing charge-offs were up at 2.14% from 1.97%.
Capital One, which transformed from a credit-card lender to a bank just before the financial crisis hit, has lately benefited from improving credit quality and has been working to expand through acquisitions.
Last month, Capital One said its third-quarter earnings jumped 44% as revenue strengthened, thanks in part to two large acquisitions completed this year and lower expenses related to the deals.
Shares closed Wednesday at $56.14 and were inactive premarket. The stock has climbed 29% in the past year.
Write to Saabira Chaudhuri at email@example.com
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